INSERT COIN // Investor Update — February 2026

PubKey

The Flywheel
Works.

With 62 events across NYC + DC, January was proof: the model is repeatable, the engine is running, and both stages are live.

0Events

0Cities

0Combined Rev

The Thesis

Operational Repeatability.

December in DC brought Treasury Secretary Bessent through the pub doors, a steady cadence of senators hosting events, and sustained national media coverage.

January demonstrated something even more important: operational repeatability.

DC + NYC now operate as two stages running the same playbook in parallel. The strategy has never been about individual location success—it’s about building a synchronized engine where each venue amplifies and feeds the other.

With NYC revenue up 10% YoY, our home base remained resilient through expansion. The math is simple: two locations, one brand, increased leverage.

Events create content. Content attracts sponsors. Sponsors fund further execution.

January 2026

The Numbers.

0 Total Events Both locations

0 Private Events Stable baseline

0 BTC Programming Community events

New York City

$0

NYC Record • +10% YoY

Washington DC

$0

Inaugural Month

$211K combined January revenue. Two locations. One brand. Increased leverage.

NYC vs DC — January Revenue

NYC DC

Year-over-Year Growth

+10% NYC YoY • +$98K DC = $211K Combined

Jan ’25 Jan ’26 NYC Jan ’26 DC

0 +150 bps vs avg

BTC as % of January Revenue

Jan

5.95%

Avg

4.45%

Bitcoin payments hit 5.95% of total revenue in January—150 basis points above our trailing average. With BTC now accepted seamlessly through POS in DC, we expect this trend to accelerate. The orange pill is working.

Political Gravity

The Room Is Getting Bigger.

In December and January, PubKey hosted or was visited by leaders at the highest levels of U.S. government—across party lines, across branches. As covered by The Hill.

Treasury SecretaryScott Bessent

SenateCynthia Lummis(R-WY)

SenateLindsey Graham(R-SC)

SenateTim Scott(R-SC)

Majority LeaderSteve Scalise(R-LA)

Majority WhipTom Emmer(R-MN)

HouseRussell Fry(R-SC)

DC GovernmentMayor Muriel Bowser

Highlights

What Happened.

Gemini Live Series Launched

Kicked off January 28th at PubKey NYC. Recurring institutional programming backed by one of the industry’s largest exchanges.

Jan 28 • NYC

BPI Regular Programming

Bitcoin Policy Institute settled into recurring cadence with Sen. Lummis on January 14th. DC programming is now institutional.

Jan 14 • DC

SeedAI Summit Hosted

Last-minute full-day AI summit in DC after GW had an accessibility violation. Multiple AI and Freedom conferences now in the works—actively in talks for Freedom250 Tech Day.

Conference venue

HRF Contract Re-Signed

Same monthly event cadence, plus flexibility for additional one-off events throughout the year. Reliable recurring partnership.

Renewed

The team has grown to 50 employees across both locations—careful, deliberate scaling.

Media & Reach

The Coverage Compounds.

The Hill

Featured PubKey in a major analysis of crypto’s political rise under Trump, highlighting PubKey DC’s opening “complete with an appearance from Treasury Secretary Scott Bessent” as the capstone moment of “a blockbuster year in Washington” for the crypto world.

Axios DC

Profiled PubKey as “Washington’s first Bitcoin bar” in Penn Quarter, highlighting the venue’s role in bringing crypto culture to the capital and its timing with the administration’s crypto-friendly stance.

WJLA

Good Morning Washington highlighted a free community Super Bowl watch party at PubKey DC—showcasing the space as a public gathering spot beyond policy events, blending Bitcoin culture, food, and community.

0 Impressions Jan–Feb 2026

0 Engagement Rate 3× Industry Avg

0 Daily X Mentions Organic

PubKey

7.9%

Industry

2.6%

3× the industry average engagement rate on X

Social growth accelerated, with 400K+ Instagram visitors (@pubkey.media) and 500K+ January views, continuing the platform’s upward trajectory.

Near-Term Priorities

What’s Next.

1

Establish DC as the Central Bitcoin Venue

Lock in recurring programming, deepen relationships with members of Congress and agency leadership, convert policy activity into sustained institutional partnerships.

Q1–Q2 2026

2

Standardize Programming Cadence

Weekly rhythms across NYC and DC with a balanced mix of institutional, policy, and grassroots community events.

Q1 2026

3

Expand Sponsorship Revenue

Tiered partnership structures tied to recurring programming and improved sponsor retention.

Q2 2026

4

Complete DC Build-Out

Transition from launch phase to operational flagship with final phase of construction nearing completion.

Q1 2026

5

Scale Media & Data Infrastructure

Leveraging cutting-edge AI to keep burn low and accelerate content output.

Ongoing

Thomas’ Tings

From the Founder.

It’s been an absolutely mental start to 2026. The team sprinted across all parts of the org to pull off the Launch Party and keep the lights on in NYC. I continue to be inspired by how much our small but mighty team pulls off on a daily basis.

Despite strong and turbulent construction headwinds in early Jan, DC is really humming, we’ve thrown so many looks at the town that it’s impossible not to like us. If you haven’t come to visit please do – we want your thoughts.

The DC venue itself is a shining star and a completely unique advantage for PubKey. DC is massive, and yet it feels like a clubhouse living room. A stunning accomplishment from the team to transform a massive, soulless space into a warm and intimate home that is quintessentially PubKey.

And of course, when you have a moment don’t forget to come see us in NYC. Our second location is reminding me of what it was like to have a second daughter. The NYC community have expressed some neglected child big feelings – mainly because they see how incredible DC looks. We’ll continue to make sure the entire PubKey community feels loved.

Speaking of mental, it wouldn’t be a PubKey opening without a proper BTC bear market – you’re welcome. I continue to stick to my technical analysis. We’re happy to accumulate more Bitcoin as the sats per beer number rises. To that end, NY Mag came in for an interview the other day looking to write a piece about how PubKey’s mood would be rekt and depressed. They left with a very different story…I think…can’t trust journalists these days…

Thomas tweet about NY Mag journalist visiting PubKey

Finally, some asks. The media sponsorship numbers are where we can make the most progress for the overall health and growth of the company. I am laser focused on converting at least 2 or 3 more programmatic sponsors. This would give us a massive boost to the runway, and dramatically bolster our case as we look towards the next big capitalization. Any support you can offer on sourcing new leads or helping us close a few more sponsors would be greatly appreciated. Concurrently, we have started actively looking for locations in Philadelphia and Austin.

As always, thank you for your support and please reach out with any questions or suggestions.

🧡🍻🙏

Thomas

The FlywheelWorks.